A new era for funeral plans
Chris Stuart from CPS Consultancy (yourowntrust.co.uk) is a man on a mission. He is aiming to put funeral plans back in the control of the funeral director and away from third party providers.
He understands the ups and downs of funeral plans as previously, he founded one of the UK’s fastest growing third party providers.
Having exited that business his aim now is to use the knowledge and experience he gained to help funeral directors take back control of their business and most importantly their clients.
His vision is that all funeral directors will affordably and quickly be able to set-up their own funeral plan trust.
How can he do this?
By bringing together the key professionals (solicitor, actuary, investment manager, banker and trustees) Chris can help a funeral director get set-up and running in under three months at a fraction of the cost of trying to do it yourself. This is possible because each funeral plan trust is similar and the funeral director will benefit from the prior experience of the team involved.
What gave Chris the idea of yourowntrust.co.uk?
Having been involved in providing funeral plans it was becoming clear that funeral directors were becoming disillusioned with the effect large funeral plan providers were having on their business. They were feeling that they were losing control of the future of their business and that the large third party providers were taking over.
Some providers were generating adverse publicity for the industry with concerns over high pressure selling and the worry that the sums available to provide the funeral may not be sufficient.
Funeral directors felt like they were building an asset by accepting third funeral plans whereas the reality is they’re committing to providing funerals, that would probably have come to them anyway, at prices that could in the future be well below their going rate. To a potential future buyer of their business they may not see this as an asset.
By having their own trust they can benefit from the growth of the trust rather than just inflationary increases. They can build their own brand locally and with the help of the team we have assembled be sure that they are complying with any applicable legislation.
What changes might you see coming?
In June the government published a consultancy on prepaid funeral plans. We have published an article about the key points raised.
We believe that this makes it the ideal time to take back the control of the future of your business by ensuring the selling of the funeral plan and the running of the trust is in accordance with your wishes. The funeral director decides on how the trust will be run and is responsible for appointing and removing trustees. The investment performance of the trust won’t benefit third parties and most importantly the client stays under your supervision.
Your own trust enables you to solely benefit from any profit generated and gives you back control.
The portfolio of future funerals will become an important asset of your business.
Chris is contactable at chris.stuart@yourowntrust.co.uk or call 08000 197 133
